Member access

4-Traders Homepage  >  Shares  >  London Stock Exchange  >  Wm. Morrison Supermarkets plc    MRW   GB0006043169

Delayed Quote. Delayed London Stock Exchange - 12/22 11:35:13 am
176 GBp   -0.11%
6d ago UK grocery market returns to marginal growth - Kantar Worldpanel
6d agoDJAldi, Lidl Post Record Market Shares - Kantar
6d ago UPDATE : UK Supermarkets Under Margin Pressure As Price War Intensif..
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Wm. Morrison Supermarkets plc : Morrison's Profit Pressured by Tough Christmas

01/09/2014 | 04:06am US/Eastern

LONDON--Morrison Supermarkets PLC (MRW.LN) said Thursday that full-year profit would be at the low end of market expectations as customers cut spending over the Christmas period and it was hit by its continuing absence from the online market.

"In a very tough market our sales performance over Christmas was disappointing. However we are firmly focused on driving our core business and accelerating our penetration of the fast growing channels," Chief Executive Dalton Philips said.

In the six weeks ended Jan. 5, the U.K. supermarket chain's total sales excluding fuel were down by 1.9%. With fuel included, the figure was 3.3%. Like-for-like sales were down 5.6%, excluding fuel and 7.1% including fuel.

Analysts' forecasts put Morrison's full-year underlying profit in the range of 783 million pounds ($1.29 billion) to GBP853 million, giving a consensus figure of GBP812 million, according to data compiled by the company.

In spite of a tough market, Morrison's insisted that its profit outlook was "resilient."

It said difficult conditions were intensified by the growing importance of online and convenience shopping, where Morrison is under-represented, and by targeted couponing, which was particularly prevalent this Christmas.

The company has 85 convenience stores and aims to have 200 by the end of 2014-15, while its online food operation is ready to launch, it said.

Morrison's shares closed Wednesday at 254 pence, giving the company a market value of GBP5.94 billion.

Write to Digby Larner at digby.larner@wsj.com

React to this article
Latest news on WM. MORRISON SUPERMARKETS
6d ago UK grocery market returns to marginal growth - Kantar Worldpanel
6d agoDJAldi, Lidl Post Record Market Shares - Kantar
6d ago UPDATE : UK Supermarkets Under Margin Pressure As Price War Intensifies
6d ago Big Four UK Supermarkets Under Margin Pressure As Price War Intensifies
12/12 Tesco's new boss looks to avoid nightmare before Christmas
12/11 Ocado says will outperform tough grocery market
12/09DJLONDON MARKETS : Tesco Hits 14-year Low In London After Warning
12/09 Tesco's fourth profit warning in five months sends shares tumbling
12/09 FTSE flops as Tesco tanks
12/09DJLONDON MARKETS : Tesco Tumbles In London To 14-year Low After Warning
Advertisement
Chart
Duration : Period :
Wm. Morrison Supermarkets  Technical Analysis Chart | MRW | GB0006043169 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF